Fed Rate Cut

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This is the height of arrogance….”But there are limits to how much impact the Fed rate cut will have. Credit card companies, said Greg McBride of Bankrate.com, need to cover their overhead costs and set “floors” on their credit cards rates.credit card debt, fed cuts, fed rate, Greg McBride, fed rate cuts, fed rate, fed rate cut october 2008, fed rate cut today, federal reserve

Because of earlier Fed cuts, he said, some cards have already reached interest rate floors. “Each subsequent rate cut has a diminishing effect on consumers,” he said. Companies have less flexibility to lower their rates, McBride added, because more consumers have been defaulting on their credit card debt. Let’s see what came first, the chicken or the egg….credit card companies in good times flood the human population (man, woman, child and beast) with easy credit…when that easily fooled population misses one payment they raise the interest rate up to 30%….that allows other banks to also raise your other card up to 30%…now you are trying to tell me that you are less flexible because consumers are defaulting on their credit card payments?

I wonder why?

Cause it be YOUR GREED?

Oh, and because your profit margin has been so HIGH you are not willing to lower credit card interest rates….oh, and finally, some cards have already reached interest rate floors…

Oh REALLY???

What a crock of crap…more crap to sell to the American consumer….face it…your con is up…you’ve been taking advantage of EVERYONE, good or bad credit as you could….now with delinquencies up AND credit tight, You are lowering credit limits, and keeping interest rates exorbitantly high REGARDLESS of the prime rate AND regardless of any person’s ability to pay AND regardless of long-term payment history…

You are screwing the American public COMING and GOING….Sounds like a bridge to nowhere and ocean front property for sale in Arizona!

credit card debt, fed cuts, fed rate, Greg McBride, fed rate cuts, fed rate, fed rate cut october 2008, fed rate cut today, federal reserve